Danish car insurance company Amex is selling accident insurance in the country, a move that could bring the country closer to its European Union goals for car insurance coverage.
The German carmaker, which is the largest insurer in Denmark, has already sold car insurance in Denmark in recent years, and now is offering coverage for the first time in 2018.
The policy, called accident insurance business, includes all vehicles registered in Denmark and has a deductible of 500,000 Danish kroner ($80,000), but that amount is subject to adjustment based on vehicle mileage and other factors.
The company also says it can help people navigate Danish insurance requirements.
The news comes as Denmark’s auto insurance market continues to grow.
Last year, the country had a record of 7,876,000 vehicle registrations, an increase of 9.4% from a year earlier.
That’s a lot of vehicles in Denmark — a country with about half of the world’s population, which accounts for about 9.5% of the global market.
The company says it is looking to sell its accident insurance to consumers across the country and will be adding more companies to its existing list of companies that can sell auto insurance.
Amex already sells insurance for rental cars in Denmark.
The new policy also has some drawbacks, including a high deductible, a high out-of-pocket limit and limited options for people who don’t have a driver’s license.
The German car insurance giant will be looking for more partners to join the market.
“There are not many companies that have that level of coverage in Denmark,” said Helge Køller, an insurance analyst at Danske Bank in Copenhagen.
“The market is still relatively small.”